LCS today.......its all Rays fault.

[agmoose]

So, I swung into the LCS on the way home today to see if there was anything worth picking up, and immediately noticed that he had halves marked at 30x face and the rest at 27x. I asked what was so special about the halves and got some story about a guy out in Cali who has a huge order in (didn't say where to) and was paying 30x. I immediately thought of Ray. I have no idea why the owner thinks folks in FL should be matching this supposed price and didn't feel like bickering. So I took his 3 Englehard bars for $34 each and headed for the door.

BUT......as I walked out, in walked some guy carrying a huge bag of 90%, so I went back in and waited. This fella sold the LCS just over $300 face of 90% at a mere 16x face. I noticed quite a few proofs in the trays, which made me wait it out. Once he was gone, I asked if they could let me pick thru it at a little better price than 27x. He agreed to 24.5x and I pulled 17 proof Franklin's (1957 and 1961's) and 22 proof Washington's. All are just perfect mirror like proofs - timing really is everything. There were more left, but I didn't have any more cash and had spent my weekly limit on PMs. I doubt any will be left when I go back next week.

So, Ray, are you corrupting the 90% halves market?

[beauanderos]

Tony started it

[SilverDragon72]

Yes! It's Ray's fault!!!

Ok. Maybe not, but I'll go along with it!

[beauanderos]

Man... I wish i coulda been there

[SilverDragon72]

Well, now I may just have to go to my LCS and grab some before Ray does!

[NDFarmer]

This fella sold the LCS just over $300 face of 90% at a mere 16x face.

Why would anyone sell their 90% at 16 X face? That seems low. I'd have to check again but I think my LCS pays 21 or 22 X face and sells at 24 or 25 X face.

[Engineer]

This fella sold the LCS just over $300 face of 90% at a mere 16x face.

Why would anyone sell their 90% at 16 X face? That seems low. I'd have to check again but I think my LCS pays 21 or 22 X face and sells at 24 or 25 X face.

The dealers in my area tend to pay 2/3 of melt, and I'm amazed at how much they still manage to buy.

[NDFarmer]

This fella sold the LCS just over $300 face of 90% at a mere 16x face.

Why would anyone sell their 90% at 16 X face? That seems low. I'd have to check again but I think my LCS pays 21 or 22 X face and sells at 24 or 25 X face.

The dealers in my area tend to pay 2/3 of melt, and I'm amazed at how much they still manage to buy.

Yes I've said it on here before. I just don't understand why people wouldn't think of selling me a roll of Morgans for $560.00 but gladly go to the LCS and sell him the same roll for $500.00

[wagsthadog]

Hi all-

Hey, ND, I gave you a fair price !

It boggles my mind too. I must be in the wrong business if all I need to do it sit behind a counter and offer people half of what items are worth, and then cash in at the end of every day. Seems to work pretty well..maybe I should become a Pawn Star...or as my dad calls them, "Pond Scum" !!

However, there is a lot to be said for 'cash in hand,' and a lot of people either dont have access to coin forums, or need the money likerightnow. Oh well, fools and money.... At least it's more 90% for us!!!


wags

[NDFarmer]

Yes every time I go into that store and watch people sell him their sliver for several times face less than I would pay for the coins I think to myself why don't you start your own store. I have seriously considered it. I know, I know it looks easy on the outside. I know you have all the overhead, rent, lights, heat, phone, so you have to buy for less than you are going to sell for. I understand that. But it sure is tempting when I stand at this guys shop where people are lined up at the counter 4 deep and just can't sell him their silver fast enough. It sure makes me wonder.

[wagsthadog]

Yes every time I go into that store and watch people sell him their sliver for several times face less than I would pay for the coins I think to myself why don't you start your own store. I have seriously considered it. I know, I know it looks easy on the outside. I know you have all the overhead, rent, lights, heat, phone, so you have to buy for less than you are going to sell for. I understand that. But it sure is tempting when I stand at this guys shop where people are lined up at the counter 4 deep and just can't sell him their silver fast enough. It sure makes me wonder.

Hi there!

Haha, hey, I'm very easy to work with, I have a great work ethic, I know how to deal with customers, and I know most coins upside down and backwards. I'm not great on graded or numi coins, but hey, two heads are better than one- let's talk about it at the next realcent meet up


wags

[NDFarmer]

Yes every time I go into that store and watch people sell him their sliver for several times face less than I would pay for the coins I think to myself why don't you start your own store. I have seriously considered it. I know, I know it looks easy on the outside. I know you have all the overhead, rent, lights, heat, phone, so you have to buy for less than you are going to sell for. I understand that. But it sure is tempting when I stand at this guys shop where people are lined up at the counter 4 deep and just can't sell him their silver fast enough. It sure makes me wonder.

Hi there!

Haha, hey, I'm very easy to work with, I have a great work ethic, I know how to deal with customers, and I know most coins upside down and backwards. I'm not great on graded or numi coins, but hey, two heads are better than one- let's talk about it at the next realcent meet up


wags

I wish you lived closer I'd gladly partner up with you. Doesn't take much retail space to open a store. You don't have to have very many square feet. Heck if you could go together with someone you could even work half time. I'll work M-W-F and you can work T-T- S and every other month we could switch. One thing that really concerns me is I don't know a lot about counterfeits. So you might get an education very quickly the hard way.

[Sheikh_yer_Bu'Tay]

I was at my favorite LCS this morning. All of his gold was gone. He told me he had bought $20,000 this morning before I got there. He was fussing everyone was selling silver instead of buying.

He was selling his non-numismatic silver dollars (based on quality) for $25 for slicks, $34, $36, and $38. Again, this was based on the quality of the coins.

I just love to pick up Morgans in very high quality condition for less then numis ($36-38) 'cause some idiot made them sparkling clean!

[agmoose]

I forgot to list his other prices, $38 for ASE's, $36 for Buffalo rounds, $33 for Morgans/Peace's. $192 for 1/10 gold and he was out of other gold.

I know I normally complain about his high prices, but I always swing in a couple times a month because he places no premuim on Englehards or other name brand bullion, so they are always less than online. He also doesn't pull proofs from junk, so usually I can pick a couple bucks in proof dimes and quarters for much less than online, even though he is usually 3-6 times over spot.

How about we open a combo gun shop/coin store!

[fasteddy]

How about we open a combo gun shop/coin store!

and with a bar and you would have any condition of the economy covered.

[OneBiteAtATime]

How about we open a combo gun shop/coin store!

and with a bar and you would have any condition of the economy covered.

My LCS added guns last year and added wine this week....

[SilverDragon72]

How about we open a combo gun shop/coin store!

and with a bar and you would have any condition of the economy covered.

My LCS added guns last year and added wine this week....

Nice! All you need now is a good selection of porn and red meat...and you're all set!

[misteroman]

I wouldve followed that guy out(nonchalantly) and see if he had anymore. If someone walked in with what you describe, I could almost Guarentee he had some dollars or .999 at home.

[agmoose]

I wouldve followed that guy out(nonchalantly) and see if he had anymore. If someone walked in with what you describe, I could almost Guarentee he had some dollars or .999 at home.

I thought about that and didn't know the etiquette of it or if it would piss off the LCS owner..........?

[Silver Runner]

I have heard of people catching the sellers on their way in or out of a LCS and making deals. However I am sure the LCS owner would not be happy if this was discovered. It is hard for me to hold my tongue when they are low balling someone with a 16x face offer as mentioned above.

[johnbrickner]

Nice! All you need now is a good selection of porn and red meat...and you're all set!

Dragon:

I like the way you think! just kidding, not shocked

[neilgin1]

Yes every time I go into that store and watch people sell him their sliver for several times face less than I would pay for the coins I think to myself why don't you start your own store. I have seriously considered it. I know, I know it looks easy on the outside. I know you have all the overhead, rent, lights, heat, phone, so you have to buy for less than you are going to sell for. I understand that. But it sure is tempting when I stand at this guys shop where people are lined up at the counter 4 deep and just can't sell him their silver fast enough. It sure makes me wonder.

i hear ya, but there's two things that would stay my hand: one is, you have to be "long" paper frn's in a big way, to be able to make good some desperate clodhopper who walks in the door with $300 FV of 90%'er's.....not to mention the REQUIRED ice cold heart to look a guy in the guy in the eye, and say you'll give him 16 times face, and be FIRM at that bid.

secondly, as we march forward to God knows what economic future, to me, LCS's will be badguy/zombie's/methhead magnets, which CAN be handled, provided you got a lot of 409, bleach, buckets and mops....AND a good lawyer to plead "reasonable force", should you have handle the incoming tide of predators...PLUS, if you hold inventory of any size, on site, wouldnt one have to configure the space like a bank, or do you set up a crash pad in the back?....if i crashed at the LCS, my new "room mate" would be a pit bull named 'himmler'.

lot of risk, i think....and thats not even taking into acct any future gummit tomfoolery...the worst potential thieves of all.

[NDFarmer]

Yes I have thought about all those security issues too Neil. And those probably would the thing that would stop me from ever opening a store more than any other issue. The premise would have to be very secure with a very good alarm system and very good cameras. Plus the hours you are open you would have to have a gun if not more than one gun placed around the store that you could get at and know how to use them.

The store I go to sure doesn't seem to have an over abundance of security but I am sure there is a lot more there than meets the eye.

[neilgin1]

Yes I have thought about all those security issues too Neil. And those probably would the thing that would stop me from ever opening a store more than any other issue. The premise would have to be very secure with a very good alarm system and very good cameras. Plus the hours you are open you would have to have a gun if not more than one gun placed around the store that you could get at and know how to use them.

The store I go to sure doesn't seem to have an over abundance of security but I am sure there is a lot more there than meets the eye.

yep. you bet. AND, when you're wearing a sidearm, coz you GOT to, then you have to be hyper aware, and that adrenalin going, boy that'll get ya weary....know what i mean?

and i bet your right, that secuirty has been ramped up, thats reason number 232, i like buying on Ebay. call me a 'baby', i just get plumb udgee, every time going into a CS, (where i live the nearest CS is 120 plus miles away, so there's no "L") because i dont have my OWN sidearm on my waist, in the odd event, some murderous scum decides its time to rob the place.

my stack is only going to be available, when the paper fiat is no good, and we can do face to face trade for comestibles, equipment, livestock, land, flour...you get me?

frns?.......i dont want no frn's for my stack, unless somebody comes to me by end of business tomorrow and says they'll give $250 folding money an ounce, then i might sell them something......and two minutes later, i'd be parking that ALL that paper in MORE silver coinage.

and one last thing, is this the long pull i'm gazing at ......$500 an ounce, but then the paper money has 'zimbabwed'....say though i go to be with Jesus before this happens?.....i rest easy in knowing my boy, trained right, he's a proponent of hard currency, will have a nice base to work off......the boy, 17, told me the other day(he's 2,000 miles away) he's "envious" of "your stack"....."your stack"?, i said....told him, "in all reality, YOU'LL be the one that actually TRADES it".

ND, you doing wheat this year?...you all do mostly dark hard red spring, right?.....that's the best cooking wheat, imo....semolina as well......hope you have good year.